This QIP is the first equity raise by the company since its initial public offering (IPO) in 2017.

“I welcome all investors and deeply appreciate their trust and confidence, reaffirming our commitment to deliver strong financial performance while maintaining our trajectory of sustainable, consistent and quality growth demonstrated for over two decades " Founder, Chairman and MD, Kamlesh Gandhi, said in a statement.

The QIP issue received a strong response from a diverse group of leading institutional investors reflecting broad-based interest.

Major investors include ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, White Oak Capital Management and others.

Among insurance companies, these include SBI General Insurance, Tata AIG Insurance and PNB Met Life Insurance.

Foreign institutions included Birla Offshore, East Bridge Capital, Samsung Asset Management and others.